Stocks, commodities drop as Treasuries rise on budget deadlock

The price of Greece ’s 2 percent bonds maturing in February 2023 climbed 0.645 to 34.94 percent of face value. European finance ministers said in a statement that “any tender or exchange prices” as part of a buyback of Greek securities “are expected to be no higher than those at the close” on Nov. 23, when the price was 34.355 cents on the euro.

Italy’s two-year yield fell two basis points to 1.97 percent after the government sold 3.5 billion euros ($4.5 billion) of 2014 notes, the maximum set for the auction, at the 1.923 percent, down from 2.397 in October. The rate on similar- maturity Spanish notes fell eight basis points to 2.92 percent.

Gold futures declined the most in a week, losing 0.4 percent to $1,742.30 an ounce, after UBS AG analysts said buying in India has retreated. Silver futures for March delivery slid 0.5 percent to $34.07 an ounce in New York.

Commodity Bets

Speculators raised bullish commodity wagers for the first time since early October as signs of improving economic growth in the U.S. and China pushed prices higher for three straight weeks.

Hedge funds and other money managers increased combined net-long positions across 18 U.S. futures and options by 9.6 percent to 846,321 contracts in the week ended Nov. 20, Commodity Futures Trading Commission data show. That was the biggest gain since mid-August. Corn holdings rose the most since July, and those on silver reached a five-week high.